Apple just confirmed everybody's biggest fear about China

(AP Images) Apple may have a China problem.

In a note to clients after Apple's third-quarter results, analysts at Cowen downgraded shares of Apple to "Market Perform" from "Outperform." Their big concern: China.

Earlier this week, China reported better-than-expected gross-domestic-product growth in the second quarter, growing 7% against expectations for a 6.9% expansion. But even this growth rate is China's slowest in over two decades.

And now Apple's disappointing quarter may be confirmation that China's economy is not only slowing, but slowing more dramatically than markets expect.

Here's Cowen:

Spectacular photos from space

NORTHWEST SARDINIA

This image over part of the Italian island of Sardinia comes from the very first acquisition by the Sentinel-2A satellite. Launched in the early hours of 23 June, the ‘color vision’ mission for Europe’s 

GREAT BARRIER REEF, AUSTRALIA

This satellite image takes us off the east coast of Australia where currents swirl in the water around corals.

Buffett donates record $2.84 billion to Gates, family charities

By Jonathan Stempel

(Reuters) - Warren Buffett on Monday donated about $2.84 billion of Berkshire Hathaway Inc stock to the Bill and Melinda Gates Foundation and four family charities, as part of the billionaire's plan to give away nearly all of his wealth.

The 10th annual donation, Buffett's largest, comprised 20.64 million Class "B" shares of Berkshire, and increased Buffett's total contributions to the charities to more than $21.5 billion.

The Gates Foundation, which focuses on improving education and health and reducing poverty, received about 15.76 million shares, or 76 percent of the total donated.

Chinese small investors look for way out of stocks

BEIJING (AP) — Shares in big state companies soared Monday after promises of government action to halt a slide in Chinese stock prices but many others sank as jittery small investors tried to cut their losses.

Shares of some state companies including PetroChina Ltd., Asia's biggest oil producer, and China's four major state-owned commercial banks rose by close to 10 percent. Trading of almost 900 other companies — out of a total of 2,802 on exchanges in Shanghai and the southern city of Shenzhen — fell by the maximum 10 percent daily limit permitted by regulators, according to the financial news website Hexun.com.The market benchmark closed up 2.4 percent but still was down 27 percent from its June 12 peak. That came after a group of 21 state-owned brokerages pledged Saturday to buy stocks. On Sunday, the central bank promised more credit to finance trading. Regulators have reduced the number of planned share sales to ease fears of a glut.

The 21 trickiest questions you'll have to answer if you want to work at Goldman Sachs

To get a job at Goldman Sachs you've got to know your stuff (having the right alma mater doesn't hurt, either). But financial knowledge alone isn't enough to land you a gig at the firm that recently ranked No. 4 on Universum Global's 2015 World's Most Attractive Employers list.

Consider: Last year, Goldman hired 8,300 employees out of 270,000 applicants — a 3% success rate.

Oil crashes 8 percent as Greek vote, Iran talks set off exodus

By Barani Krishnan

Adding to the pressure on oil, Iran and global powers were trying to meet a July 7 deadline on a nuclear deal, which could bring more supply to the market if sanctions on Tehran are eased. The self-imposed deadline could be extended again, officials at the negotiations said.NEW YORK (Reuters) - Oil prices suffered their biggest selloff in five months on Monday, falling as much as 8 percent as Greece's rejection of debt bailout terms and China's stock market woes set off a deepening spiral of losses.

A slump that began last week gathered pace through the session, taking four-day losses to more than 10 percent, the largest rout since early January, as weeks of range-bound trading abruptly ended. Global Brent prices collapsed below the $60 a barrel mark for the first time since mid-April.